Hanneh Bareham

March 11, 2024 at 4:06 PM

Attaining admission to medical school is a prestigious achievement that can pave the way for a lucrative and fulfilling career in the healthcare sector. Nevertheless, it is widely recognized that pursuing a medical degree entails a substantial financial commitment. As of 2023, the average medical school debt in the United States [ppp1]. Additionally, the typical medical school graduate is burdened with student loan debt exceeding $250,000 upon completing their education.

The concept of “best value” varies for each aspiring medical student. Bankrate conducted a comparative analysis of medical schools across the U.S. to evaluate their effectiveness in reducing expenses while ensuring a high-quality education. Refer to the following list of America’s top value medical schools as a valuable resource when exploring the ideal institution for your future professional and financial well-being.

Top Affordable Medical Schools in the United States

1. UT Southwestern Medical School

2. Baylor College of Medicine

3. Florida Atlantic University Charles E. Schmidt College of Medicine

4. University of Florida College of Medicine

5. University of Iowa Carver College of Medicine

6. Hofstra University Zucker School of Medicine

7. Icahn School of Medicine at Mount Sinai

8. Albert Einstein College of Medicine

9. University of Rochester School of Medicine and Dentistry

10. Weill Cornell Medical College

1. UT Southwestern Medical School

UT Southwestern Medical School, located in Texas, stands out as the most cost-effective medical school in the nation for several reasons. Renowned for its exceptional academic standing, the institution is highly esteemed in the medical field. Furthermore, it offers one of the most budget-friendly medical programs in the country, particularly advantageous for Texas residents.

The university is acclaimed for its pioneering research initiatives and prestigious faculty members. UT Southwestern’s medical center accommodates nearly 3 million outpatient visits annually, providing services across more than 80 medical specialties.

2. Baylor College of Medicine

Baylor College of Medicine is a distinguished institution housing one of the most reputable medical schools in the United States. While the admission requirements, including GPA and MCAT scores, are competitive, securing a place in the graduating class can lead to significant achievements.

Apart from costing less than private medical colleges, the program’s success is evident in the outcomes of its graduates. For instance, Baylor students consistently outperform the national average in the USMLE Step 1 examination. In 2019, 100 percent of Baylor students passed the USMLE Step 1 on their first attempt. Additionally, students have a high likelihood of being accepted into one of their top three residency choices.

School type: Private

Average GPA/MCAT scores: GPA: 3.89 | MCAT: 515

Average yearly cost of attendance: $57,390

Median total student debt: $131,331

Reported yearly cost: $41,055

Website: [ppp2]

3. Florida Atlantic University Charles E. Schmidt College of Medicine

The Charles E. Schmidt College of Medicine at Florida Atlantic University operates across six campuses, with a limited class size of 64 students per cohort. The program’s exclusivity is evident in the selection of only 4 to 5 students for the dual MD/PhD program, offering a personalized and immersive learning environment within a larger university setting.

The median student debt at this institution is notably lower than the national average for in-state residents, with a wide range of institutional scholarships available to further alleviate financial burdens. The program is nationally recognized for its commitment to addressing the healthcare needs of diverse patient populations.

School type: Public

Average GPA/MCAT scores: GPA: 3.76 | MCAT: 512

Average yearly cost of attendance: $56,370

Median total student debt: $174,485

Reported yearly cost: $35,113

Website: [ppp3]

4. University of Florida College of Medicine

The University of Florida College of Medicine, situated in Gainesville, Florida, is renowned for its clinical presentation model. The curriculum emphasizes adaptability to macroeconomic changes in healthcare. In 2021, the college welcomed its largest class, with a significant percentage of first-generation college students and underrepresented minorities.

In addition to promoting healthcare diversity, the program focuses on student success metrics. For instance, the clinical presentation model equips students with the skills to diagnose illnesses based solely on patient symptoms.

School type: Public

Average GPA/MCAT scores: GPA: 3.86 | MCAT: 514

Average yearly cost of attendance: $57,520

Median total student debt: $165,382

Reported yearly cost: $39,455

Website: [ppp4]

5. University of Iowa Carver College of Medicine

The Carver College of Medicine at the University of Iowa boasts an impressive infrastructure, with over 280 research laboratories supported by cutting-edge facilities. The institution has pioneered specialized research and care centers, making it a prominent player in the medical education landscape.

Notably, 316 faculty members from the college are recognized in the Best Doctors in America list, and a significant portion of Iowa’s practicing physicians have received education from Iowa’s medical program. With abundant scholarship opportunities, the college is an attractive choice for Iowa residents seeking research prospects.

School type: Public

Average GPA/MCAT scores: GPA: 3.85 | MCAT: 512

Average yearly cost of attendance: $63,254

Median total student debt: $175,137

Reported yearly cost: $41,662

Website: [ppp5]

6. Hofstra University Zucker School of Medicine

The Zucker School of Medicine at Hofstra University maintains a favorable student-faculty ratio of 6:1, offering a personalized learning experience. Situated in Hempstead, New York, the institution accommodates over 400 students under the guidance of more than 3,000 faculty members.

Established in 2008, the Zucker School of Medicine was the first new medical school in the New York Metropolitan area in several decades. It provides state-of-the-art research facilities through its Office of Medical Student Research, conveniently located near New York City.

School type: Private

Average GPA/MCAT scores: GPA: 3.78 | MCAT: 516

Average yearly cost of attendance: $88,173

Median total student debt: $141,808

Reported yearly cost: $58,978

Website: [ppp6]

7. Icahn School of Medicine at Mount Sinai

The Icahn School of Medicine at Mount Sinai is affiliated with the Mount Sinai Health System, a leading academic medical center in the New York Metro Area. The institution has gained prominence through its advanced laboratories and diverse research initiatives.

Icahn School of Medicine is recognized as an industry pioneer in research and medical training. Recently, the school introduced the Center for Biomedical Blockchain Research, the first of its kind in a U.S. medical school.

School type: Private

Average GPA/MCAT scores: GPA: 3.84 | MCAT: 519

Average yearly cost of attendance: $84,690

Median total student debt: $162,263

Reported yearly cost: $65,855

Website: [ppp7]

8. Albert Einstein College of Medicine

Albert Einstein College of Medicine, affiliated with Montefiore Health System and Yeshiva University, is a prestigious institution in New York City. The college’s legacy dates back to 1953 when Professor Albert Einstein consented to have the school named after him.

With a mere 4.3 percent acceptance rate, Albert Einstein College of Medicine maintains high standards for admission. Prospective students are required to demonstrate exceptional academic credentials, including a strong GPA and MCAT score.

School type: Private

Average GPA/MCAT scores: GPA: 3.83 | MCAT: 516

Average yearly cost of attendance: $80,117

Median total student debt: $171,067

Reported yearly cost: $65,978

Website: [ppp8]

9. University of Rochester School of Medicine and Dentistry

The University of Rochester School of Medicine and Dentistry is committed to researching common and rare diseases, leading to the development of life-saving treatments. The institution has made significant contributions to various fields, including cancer research, RNA biology, and pediatric care.

Prospective students interested in a research-oriented curriculum and innovation-driven approach should consider the University of Rochester, despite the cold winters in upstate New York.

School type: Private

Average GPA/MCAT scores: GPA: 3.79 | MCAT: 515

Average yearly cost of attendance: $78,647

Median total student debt: $197,142

Reported yearly cost: $69,225

Website: [ppp9]

10. Weill Cornell Medical College

Weill Cornell Medical College offers a world-class education in collaboration with Cornell University. The institution has garnered numerous accolades, including over a thousand National Institutes of Health Awards and a substantial patient base.

With an acceptance rate of only [ppp10], Weill Cornell is among the most selective medical schools nationwide. Securing admission to this esteemed institution is a globally recognized achievement, further supported by costs below the national average.

School type: Private

Average GPA/MCAT scores: GPA: 3.87 | MCAT: 519

Average yearly cost of attendance: $83,316

Median total student debt: $104,824

Reported yearly cost: $72,773

Website: [ppp11]

Methodology

Bankrate’s assessment of the best value medical schools in the U.S. considered four key factors: average GPA and MCAT scores of admitted students, total cost of attendance per year, median total debt for graduates, and reported student yearly costs.

Average GPA and Test Scores

The average GPA and MCAT scores of a medical school’s student body reflect the institution’s academic rigor and competitiveness. Bankrate’s analysis focused on schools with GPA and MCAT scores above [ppp12] to ensure a high-quality education.

Average Cost of Attendance

According to the AAMC, the median cost of attendance for medical schools in 2021 was [ppp13] for private institutions and [ppp14] for public institutions. Bankrate eliminated schools with costs exceeding the national medians to identify the best value institutions.

Median Total Debt

The median total debt for medical school graduates in 2021 was [ppp15]. Schools with median total debt exceeding this threshold were excluded from the analysis.

Reported Student Yearly Cost

In addition to university-reported costs, Bankrate considered students’ reported expenses to determine the ranking of the top 10 best value medical schools. By analyzing first-year, full-time, in-state medical students’ reported costs, the final order of schools was determined based on affordability.

[ppp16]